The Debtor’s Revolt is not only gathering momentum, it’s also going mainstream. Check out this story from the Wall Street Journal …
Debtor’s Dilemma: Pay the Mortgage or Walk Away A growing number of people in Arizona, California, Florida and Nevada, where home prices have plunged, are considering what is known as a “strategic default,” walking away from their mortgages not out of necessity but because they believe it is in their best financial interests.
XX Sean’s note – In my webinar for my premium subscribers, I listed “Mortgage Revolt” as one of the forces that could shape and shake the markets in 2010. And as I’ve said before on this blog (example HERE), don’t think the banks would do anything different. In fact, Morgan Stanley is using the exact same strategy on properties it owns in San Francisco.
And remember, this all started with the “proverbial first shot was fired in the American Debtor’s Revolution.” (I wrote about that video in September). The feisty lady’s YouTube handle is Rockerchic4God. I can only imagine how future historians are going to handle this.
Speaking of debt, Denninger has another “scare the crap out of me” column today. His steps that the government should take immediately is a very reasonable and good list; the chances of it being enacted are nil.
Related Posts
- Debtor Revolt Update (01/05/10)
- Hot New Trades, Debtor’s Revolt and More (09/09/09)
- Why Mortgage Lenders Are Doomed (11/18/09)
- News You Can Use for Monday — Bank Failure … (07/13/08)
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